The Basque Government enters with Aernnova in the bid for ITP Aero

In a new chapter in the sale of ITP Aero, Arantxa Tapia, Minister of Economic Development, Sustainability and Environment of the Basque Government, confirmed this Friday that Aernnova, also based in the Basque Country and in the aeronautical sector, will bid for the subsidiary at 100 % of Rolls-Royce (RR).

Tapia has anticipated that there could be more Basque companies interested in ITP Aero, among which CAF and Sener, which precisely founded the low-pressure turbine manufacturer almost 30 years ago, have been mentioned previously. To later sell their titles to Rolls-Royce.

The Executive of Vitoria has reiterated its willingness to enter the capital of the RR investee to guarantee its roots in the Basque Country. Among the binding offers presented, Tapia has indicated, in declarations at the door of the Parliament of Vitoria, that “we know that there are” Basque companies in these proposals.

Tapia has acknowledged that Aernnova was proposed to participate in this operation and that “it did not put obstacles, although it is still early.” He added that “it would be complicated” for one of the offers for ITP Aero to have a majority of Basque capital due to the investment cost, higher than 1,200 million.

Although it is possible to achieve, in his opinion, a “sufficient participation” that guarantees, “through a pact between partners, all future actions related to the Zamudio company.

For its part, Rolls-Royce has pointed out from London that “the Spanish and Basque governments are important actors and there is a continuous and constructive dialogue with them.” In this sense, the British multinational “works closely with them” and “we understand the results for the future of ITP Aero that they want to obtain from the sales process”.

The corporation recalls that its still subsidiary will remain “a key partner” for many years for RR itself because it participates as a supplier and investor at risk and profit in Rolls-Royce engines. Participate in the new generation engine UltraFan and in other programs for civilian and military aircraft.

For this reason, the group of islands calls on the new owners to maintain the pace of investments in technology, innovation and training at ITP Aero.

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